Question

3. Chen Xi’s sold the following securities during 2019: Date Acquired Date Sold Sales Price Basis...

3. Chen Xi’s sold the following securities during 2019:

Date Acquired

Date Sold

Sales Price

Basis

A

5-15-2013

4-30-2018

$ 8,000

$12,000

B

7-12-2018

11-1-2018

$ 4,000

$ 11,000

C

1-15-2018

7-18-2018

$16,000

$13,000

D

4-2-2014

11-21-2018

$40,000

$45,000

What is Chen Xi’s adjusted net capital gain or loss result for the year?

A) $0

B) $9,000 ANCG     

C) ($13,000) ANCL

D) NSTCL of $3,000 and NLTCG of $15,000

Homework Answers

Answer #1

3. Chen Xi’s sold the following securities during 2019:

Date Acquired

Date Sold

Sales Price

Basis

Capital gain or loss (Sales Price – Basis)

A

5-15-2013

4-30-2018

$ 8,000

$12,000

($4,000)

B

7-12-2018

11-1-2018

$ 4,000

$ 11,000

($7,000)

C

1-15-2018

7-18-2018

$16,000

$13,000

$3,000

D

4-2-2014

11-21-2018

$40,000

$45,000

($5,000)

($13,000)

Hence, capital loss is $13,000 ANCL

Correct option is (C) ($13,000) ANCL

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